Identify abnormalities, prevent fraud!
By identifying standard patterns in data sets, you can detect unusual behavior. Abnormalities are often a sign of fraud and present an opportunity for early intervention.
Predicting fraud with limited resources: The power of data analytics
Fraud can strike unpredictably, presenting a challenge for companies with finite resources to combat it effectively.
However, amidst this uncertainty, tell-tale signs exist that can serve as early indicators of fraudulent activity, offering a window of opportunity for detection. This is where data analytics techniques emerge as invaluable tools in the fight against fraud.
At Cerebra, we use data analysis and review to identify potential cases of fraud. We start by applying fraud detection techniques to detect red flags and anomalies in the data. Once we have identified these potential cases of fraud, we focus on investigating ongoing or realized frauds.
We use data analytics to detect ongoing or past instances of fraud, concentrate on mitigating risks in high fraud-risk areas, and recommend process and internal control improvements.
Identifying Abnormalities and Red Flags: Early Indicators of Concern
Activities that could indicate potential fraud or improper financial practices:
- Transactions that are outliers or do not fit the pattern of other transactions
- An unusual number of transactions, either too many or too few
- Unexplained items that cannot be justified or accounted for
- Suspicious relationships between accounts or transactions
- Transactions or events that occur at unexpected times or dates
- Accounts or balances that are unusual or do not match typical patterns
- Inconsistencies or discrepancies between different data sets or records
- Gaps or duplicates in document numbers that suggest missing or duplicate records
- Unexpected payment methods that are not typical or appropriate for the situation
- Elements that do not make sense or appear irrational
- Exceptions that do not follow normal patterns or procedures.
We conduct data analytics to detect fraud and report any transactions or situations with a high suspicion of fraud. Additionally, we identify areas where the risk of fraud is high but the controls are insufficient or not in place.
Contact Us
